Key Reasons to Go Towards Second Hand Car Market

Key Reasons to Go Towards Second Hand Car Market

Opting for the used car will lead to much more savings and allows you buy the premium car model in a same budget. While it comes about buying any car, you have to take many crucial decisions, like, what is your budget, type of vehicle you want to buy, colour, make, model of a car, and if you can make the down-payment upfront and avail services of the car loan for your used cars in Montclair. One important choice you have to consider is if you want to buy the new car or go for the used car.

Buying the brand-new vehicle car will be the most exhilarating thought, and opting for second-hand car has got its own benefits. Looking at the market surveys, used car sales have increased by 50% from past one year, primarily because of entry of the organized players in this segment & higher assurance of vehicle getting sold.

Facilitates affordability & savings

One huge benefit of buying the used car rather than the new car is it facilitates higher affordability & improves your savings. You may own the used vehicle of the preferred make & model at the lesser cost compared to the new car of same make and model.

Top 3 Benefits of Buying Second-hand Cars over the New Ones

Minimizing depreciation of the car

Value of the new car begins depreciating the moment it’s driven out of its showroom. Generally, market value of the car reduces by around 20% every year for first some years after the purchase. It means that the new vehicle can lose around 50% of the value during its first 2 to 3 years. Although different cars have got different depreciation prices, some luxury vehicles have the steep depreciation rate for first some years.

Cars in low demand will lose the value significantly with time. You may avoid this hit just by buying the used cars since it will have suffered the maximum depreciation till then and won’t lose a lot of value in forthcoming years. Some factors you must remember before calculating its depreciation & buying the used cars at the cheaper rates will include:

  • Vehicle Condition: It’s recommended to check out fuel exhausts and oil leaks before selecting the used car that gives you power of bargaining much better as well as save some money on the future repairs
  • Brand: Certain brands have got prolonged value because of its popularity, whereas others lose the value significantly because of higher competition. Therefore, thorough research will get you very close to 60% of the car’s price in 3 years.

Published by Yatin